By: The economic times

Gold and silver prices opened sharply higher on the Multi Commodity Exchange of India on Tuesday as investors flocked to safe-haven assets amid escalating tensions in the Middle East involving the US, Israel and Iran, which kept oil prices above $100 per barrel.

MCX silver futures due May 2026 were up Rs 4,932 or 1.7% to Rs 2,61,457 per kg. Meanwhile, gold futures for April 2026 delivery gained Rs 1,260 or 1% to Rs 1,56,996 per 10 grams.

The gains come despite the dollar inching higher, making dollar-denominated bullion more expensive for holders of other currencies. Oil prices also remained elevated, holding above $100 per barrel as the US-Israel conflict with Iran has kept the Strait of Hormuz largely shut, marking a major disruption to global supplies.

In the international market, the yellow metal prices were largely steady. In early trade, spot gold edged up 0.1% to $5,007.61 per ounce as of 0110 GMT, while US gold futures for April delivery rose 0.2% to $5,011.70. Meanwhile, spot silver slipped 0.2% to $80.58 per ounce.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said precious metals are witnessing very high price volatility, although key support levels are expected to hold. He noted that silver prices could hold support at $68.00 per troy ounce, while gold prices may hold support at $4,884 per troy ounce on a closing basis this week.

He added that gold and silver are likely to remain volatile this week due to fluctuations in the dollar index, upcoming Federal Open Market Committee (FOMC) policy meetings and the ongoing US-Iran conflict.

According to Jain, gold has support in the $4,964-$4,920 range and resistance at $5,055-$5,084 per troy ounce. Silver, meanwhile, has support at $78.00-$74.40 and resistance between $84.00 and $86.40 per troy ounce in today’s session.

On the MCX, gold has support at Rs 1,54,000-Rs 1,52,800 and resistance at Rs 1,56,600-Rs 1,58,000. Silver has support at Rs 2,51,500-Rs 2,47,700 and resistance at Rs 2,61,600-Rs 2,66,000.

Jain advised traders to operate within the defined trading range for gold and silver and focus strictly on intraday trades ahead of the Fed meetings. However, he suggested that long-term investors may consider accumulating on dips through a systematic investment approach.

Gold, Silver rates today, 17 March, across major cities

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,15,552/8 grams, while pure gold (24 carat) prices stand at Rs 1,26,048/8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,15,432/8 grams, while pure gold (24 carat) prices stand at Rs 1,25,928/8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,17,672/8 grams, while pure gold (24 carat) prices stand at Rs 1,28,376/8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,15,432/8 grams, while pure gold (24 carat) prices stand at Rs 1,25,928/8 grams.